U.S. stocks were trading lower at midday, although up from their session lows. The
Dow Jones Industrial Average
was faring slightly better than the broader market, while loss-leading big tech stocks anchored the
Nasdaq Composite Index
deep in negative territory. Internet stocks pared morning losses and were near their opening levels.
European bourses closed modestly lower after opening higher on
news of the
Bank of England's
surprise 50-basis-point reduction of its benchmark interest rate, which now stands at 5.5%.
Asian markets closed mixed, with Japan's
off 74.46 to close at 14,086.85 and Hong Kong's
gaining 18.80 to 9438.65. In Malaysia, Finance Minister
ended a ban that kept foreign portfolio investors from taking money out of the country.
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posted fourth-quarter earnings of 35 cents a share, about 2 cents over expectations.
Goodyear Tire & Rubber
earned 74 cents a share in the fourth quarter, excluding gains from the sale of assets, a penny under the average of estimates polled by
. Separately, the company announced that 980 jobs at its original plant in Gadsen, Ala. will be cut as the plant stops making tires and focuses on producing rubber for other Goodyear plants. Yesterday the company announced it will acquire 10% of
Sumitomo Rubber Industries
and take over the Japanese tire maker's U.S. and European operations.
will buy 33 stores from
, which is liquidating its assets after more than three years in bankruptcy.
Chairman and controlling shareholder
Dennis R. Washington
is stepping up the plate as president and CEO of construction and engineering firm
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second-quarter earnings dropped 54%, but, at 17 cents a share, still came out a penny ahead of analysts' expectations.
will equip its
PC, which the company markets solely in Japan, with
Advanced Micro Devices'
report on AMD's disappearing act yesterday at the Monty conference.
to join online investment bank
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Italian energy firm
are forming a joint venture to build a natural gas pipeline between Russia and Turkey for about $3 billion, according to
The Wall Street Journal
U.K. pharma giant
is in talks to unload at a discount its pharmacy-benefits business,
Diversified Pharmaceutical Services
, to a drugstore chain, according to
The Wall Street Journal
U.K. hotel operator
said an unnamed suitor has made a $1.76 billion takeover offer. In late January
of London had written that Stakis was in talks with betting shop and hotel operator
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figures show the number of initial jobless claims fell 9,000 last week to 292,000, the fourth drop in five weeks.
Israeli warplanes fired air-to-surface missiles at a village in southwest Lebanon after two rockets were fired toward Israel.
will rehire the aide who resigned in the face of public outcry over his use of the word "niggardly" to describe his office's fiscal policy.
You're outta there! Three-time
New York Mets
games on New York's
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